01.15.25

Wells Fargo Takes $647 Million Severance Charge as Costs Cut

by: Yizhu Wang; Hannah Levitt

Wells Fargo took a $647 million severance charge in the fourth quarter, as Chief Executive Officer Charlie Scharf continues to reduce headcount as part of efforts to cut costs and remake the bank. “We are still in the early stages of seeing the benefits of the momentum we are building, and our financial performance should continue to benefit from the work we are doing to transform the company,” Scharf said.

Read the full article on Bloomberg